That’s because medical marijuana patients often shop close to home as opposed to convenience shoppers in a recreational adult use marijuana market, he said.
“A lot of people work in Center City but not a lot of people live there,” he said.
The decision to shutter was not due to poor sales or foot traffic but the building owner cutting short the company’s lease by several years.
“The financing that [the building owner secured] does not allow for cannabis companies in the building,” Washington said.
When Ethos Cannabis opened the location in January 2020, the building was operated by Berger Associates Realty. About two years later, New York-based Hudson Valley Property Group acquired the building for $120 million.
Hudson Valley Property Group declined to comment on this story through a spokesperson.
Once known as the American Postal Workers House, the affordable housing complex for seniors with nearly 300 units, is slated to undergo renovations.
The Hudson Valley Property Group’s $20 million renovation plans include energy efficiency upgrades, security cameras and retrofitted apartments. The developer is seeking 4% low-income tax credits, which is a financing program through the U.S. Department of Housing and Urban Development.